Tamerlane Ventures Inc. Provides Update on Its Pine Point Project

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BLAINE, WASHINGTON -- (Marketwire - Sept. 21, 2011) - Tamerlane Ventures Inc. (“Tamerlane“ or the “Company“) (TSX VENTURE: TAM) is pleased to provide an update on recent activities with respect to its Pine Point project in Canada's Northwest Territories. The Company continues to progress with resource delineation, geotechnical studies, environmental permitting, procurement and engineering activities.


Additional Resource and Reserve Delineation

In addition to the six underground deposits that are currently reported as reserves, the next deposits which will give the Company upwards of 15 years of reserves and resources have recently been drilled. Drilling has been completed on the W-85 deposit, where the historic resource (which is not NI 43-101 compliant and should not be relied upon) is 3.7 million tonnes containing an estimated 2.3% lead and 4% zinc. Core samples are currently being processed and assays should be available within 2 weeks. In addition, Tamerlane will be converting the N-204 resource to a reserve and has contracted with an outside firm to complete this work by year-end. Work will follow immediately with preparation of a NI 43-101 resource estimate for W-85.

A boundary survey of twenty-four claims that previously were not taken to lease has been contracted and is 50% complete. This will allow Tamerlane to convert all its remaining holdings at Pine Point to mining leases.


Geotechnical Studies

Fourteen soil test holes have been completed to provide data for the foundation design of the mill and the mine buildings. The next phase is to finalize the engineering design for these structures. Two consulting groups are currently working on the geotechnical design for the underground workings. A further drill program consisting of six holes to establish parameters for the freeze wall design is currently underway at the Pine Point site. The drilling will be instrumental in establishing the drilling parameters, equipment and bit specifications for completing the 300 freeze wall holes around the R-190 deposit. A consulting group is currently working on final engineering designs for the freeze wall.


Environmental Permitting

In 2008, the Mackenzie Valley Land and Water Board issued Tamerlane a Type “A“ land use permit pertaining to the completion and construction of the main mine site at the R-190 deposit location at the Pine Point project. In 2009, Tamerlane received notice that the federal Minister of Indian and Northern Affairs had also approved and signed the project's water license. These permits remain in effect.

The Company has submitted an application to amend the Water License for the change of the access from a shaft to a ramp. This will also allow for reissuance of the Land Use Permit, with the result that both the Water License and the Land Use Permit will be available for the full maximum term of 5 years. The Company expects that the final approvals for this change can be obtained by the end of the year and anticipates that construction can begin immediately after approvals are received if financing is in place. The Company will post the environmental bond for construction at that time.

The Company is completing baseline studies for the additional five deposits that are currently carried in reserves and for the N-204 deposit. All permits for this work have been granted. It is expected that this work will be completed by year-end. This work does not affect the construction and mining of the R-190 deposit.


Procurement

The Company has recently hired a procurement professional and has begun actively sourcing quality used equipment for the Pine Point project. The flotation equipment that was purchased for the project is in transit to Seattle, Washington from Juneau, Alaska. The sourcing of other quality used equipment similar to these flotation units should provide Tamerlane with additional capital cost savings for the project.


Engineering

The definitive engineering for the project is ongoing and the Company is funded to complete this phase of the pre-construction work. Definitive engineering is proceeding both for the surface infrastructure and the underground workings. The Company currently has engaged numerous consultants to work on various aspects of the project. The project continues to be managed by Tamerlane's engineering staff.


Project Financing

The project financing work is proceeding and the Company continues to solicit more proposals for funding the project. The major hurdle to closing any funding is the current share price. To this end, the Company will be putting a significant amount of effort towards introducing the project to potential new shareholders.Recently the Company displayed and presented at the Cambridge Resource Investment Conference in Toronto, Ontario.The Company will be displaying at the Global Chinese Financial Forum conference in Toronto this weekend, September 23 – 25, 2011. The Company is currently fully funded to complete the current pre-construction work.


Project Economics

A recent economic review of the 2008 feasibility study has confirmed that the reported reserves and resources of the Pine Point project continue to be economic.The updated cash flow model continues to demonstrate robust economics, with a pre-tax internal rate of return on the project of 27% and pre-tax, pre-financing cash flow generated from the project of $207 million at US$1.10 lead and zinc prices.At US$1.10 lead and US$1.50 zinc prices, the pre-tax internal rate of return is 60% and pre-tax, pre-financing cash flow is $435 million. This cash flow does not include any inclusion or upside from the development of the N-204 or W-85 deposits.

Mike Willett, Chief Executive Officer, commented, “The various engineering projects underway will allow us to be ready to move into the construction phase quickly, once financing is in place. At this time the Company's primary focus is to introduce the project to institutions and analysts so that they can follow the progress of the Company as it moves towards construction of its Pine Point project. Tamerlane's current stock price and market capitalization do not reflect the fact that the Company has over $7.8 billion of metal in the ground, in reserves, resources and historic resources.“


Conference Call

Tamerlane management will host a conference call on Thursday, September 22, 2011 at 11:00 am Pacific time (2:00 pm Eastern time) to discuss the Pine Point project and related developments. Mining analysts, investors and the media are invited to dial toll-free 1-800-619-4068 in Canada and the United States, or 1-517-308-9192 from international locations (normal toll rates do apply) and state the verbal passcode “Tamerlane“. Please dial in approximately 5 minutes before the start of management's presentation. The presentation will be followed by a question and answer period.

The conference call will be available on the Tamerlane Ventures website at www.tamerlaneventures.com via a downloadable audio file.


About Tamerlane Ventures Inc.

Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company's immediate focus is bringing the 100%-owned Pine Point Project to production. The Company is currently in the financing phase and expects to commence construction this fall. Tamerlane plans to sell the well-known, Pine Point Concentrates to various smelting facilities around the world. The Company also plans to develop its Los Pinos heap leach copper project in Peru.


Michael A. Willett
Chief Executive Officer



Caution Concerning Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as “may“, “will“, “should“, “anticipate“, “plan“, “expect“, “believe“, “estimate“ and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and, accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor Relations
(360) 332-4636
(360) 332-5025 (FAX)
bjones@tamerlaneventures.com
www.tamerlaneventures.com